AvalonBay Communities (AVB) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of AvalonBay Communities (NYSE:AVB) from a sell rating to a hold rating in a report issued on Tuesday morning.

According to Zacks, “Stellar job growth in recent months indicates more household formations and raises expectations for higher apartment demand during the peak leasing period. Given its solid portfolio of high quality assets in premium locations, AvalonBay is well poised to grow. Notably, in the March-issued operating update for first quarter, the company stated that it expects total rental revenues for established communities to be up 2.3–2.4% year over year. However, new apartment deliveries are anticipated to remain elevated in the company’s markets in 2018. Particularly, supply continues to be most noticeable in the urban submarkets. Furthermore, high concession activity amid elevated supply remains a concern. Moreover, in the past six months, its shares have underperformed the industry.”

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A number of other equities research analysts have also recently weighed in on the company. Robert W. Baird reaffirmed a buy rating and set a $187.00 price target on shares of AvalonBay Communities in a report on Tuesday, January 9th. SunTrust Banks reaffirmed a buy rating and set a $186.00 price target on shares of AvalonBay Communities in a report on Friday, February 2nd. Cantor Fitzgerald reaffirmed a hold rating and set a $185.00 price target on shares of AvalonBay Communities in a report on Thursday, February 1st. Stifel Nicolaus reiterated a buy rating and set a $185.00 price objective on shares of AvalonBay Communities in a research note on Friday, January 19th. Finally, Argus lowered their price objective on shares of AvalonBay Communities from $210.00 to $190.00 and set a buy rating on the stock in a research note on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $189.24.

AVB opened at $166.97 on Tuesday. The company has a market cap of $22,923.85, a PE ratio of 19.26, a price-to-earnings-growth ratio of 2.60 and a beta of 0.36. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.71. AvalonBay Communities has a twelve month low of $152.65 and a twelve month high of $199.52.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $2.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.22 by $1.03. The company had revenue of $555.29 million for the quarter, compared to analysts’ expectations of $554.20 million. AvalonBay Communities had a return on equity of 8.57% and a net margin of 40.62%. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.12 earnings per share. analysts anticipate that AvalonBay Communities will post 8.95 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 16th. Shareholders of record on Thursday, March 29th were given a $1.47 dividend. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, March 28th. This represents a $5.88 annualized dividend and a yield of 3.52%. AvalonBay Communities’s payout ratio is 68.21%.

A number of institutional investors have recently bought and sold shares of AVB. Capital Analysts LLC grew its position in AvalonBay Communities by 441.3% in the fourth quarter. Capital Analysts LLC now owns 2,230 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 1,818 shares during the last quarter. Bartlett & Co. LLC grew its position in AvalonBay Communities by 112.8% in the fourth quarter. Bartlett & Co. LLC now owns 681 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 361 shares during the last quarter. Keeler Thomas Management LLC acquired a new position in AvalonBay Communities in the fourth quarter worth approximately $166,000. NuWave Investment Management LLC acquired a new position in AvalonBay Communities in the fourth quarter worth approximately $181,000. Finally, MUFG Americas Holdings Corp acquired a new position in AvalonBay Communities in the fourth quarter worth approximately $189,000. Hedge funds and other institutional investors own 94.66% of the company’s stock.

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About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.

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